US dollar index is heading higher, gaining ground as gold drops. It’s an interesting situation today, since the dollar index is gaining, even though the euro is heading higher against the dollar for the time being.
US dollar is getting a bit of a boost today from the fact that jobless claims have hit an eight-year low. The news is once again spurring speculation that the Federal Reserve will have no choice but to raise interest rates at some point. This news isn’t helping the stock market much, but the US dollar index is heading higher.
Even though this latest news is in sharp contrast to the situation in the eurozone, though, the euro is a bit higher against the greenback today. Other currencies, aren’t doing as well. Additionally, gold is heading lower. Indeed, gold’s dramatic drop today is one of the big reasons that the dollar index, in general, is seeing solid gains.
At 14:42 GMT the US dollar index is up to 80.8410 from the open at 80.8130. EUR/USD is a little higher, up to 1.3469 from the open at 1.3463. GBP/USD is lower, though, dropping to 1.6975 from the open at 1.7044. USD/JPY is higher today, moving up to 101.7955 from the open at 101.4810.
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